Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Assets Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:


	Fair Value Measurements as of June 30, 2026
(in thousands)	Level 1		Level 2			Level 3		Total
Cash equivalents:
Money market funds	$	17,015	$	—		$	—	$	17,015
Government securities	1,487		—			—		1,487
Commercial paper	—		999			—		999
Total cash equivalents	$	18,502	$	999		$	—	$	19,501

Short-term investments:
Government securities	$	5,441	$	—		$	—	$	5,441
Corporate debt securities	—		13,461		—	—		13,461
Commercial paper	—		8,757			—		8,757
Total short-term investments	$	5,441	$	22,218		$	—	$	27,659

Liabilities:
Current contingent liabilities	$	—	$	—		$	940	$	940
Long-term contingent liabilities	—		—			25		25
Total contingent liabilities	$	—	$	—		$	965	$	965


	Fair Value Measurements as of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	20,080	$	—	$	—	$	20,080
Total cash equivalents	$	20,080	$	—	$	—	$	20,080

Short-term investments:
Government securities	$	28,501	$	—	$	—	$	28,501
Total short-term investments	$	28,501	$	—	$	—	$	28,501

Liabilities:
Current contingent liabilities	$	—	$	—	$	1,044	$	1,044
Long-term contingent liabilities	—		—		315		315
Total contingent liabilities	$	—	$	—	$	1,359	$	1,359

Summary of Liabilities Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:


	Fair Value Measurements as of June 30, 2026
(in thousands)	Level 1		Level 2			Level 3		Total
Cash equivalents:
Money market funds	$	17,015	$	—		$	—	$	17,015
Government securities	1,487		—			—		1,487
Commercial paper	—		999			—		999
Total cash equivalents	$	18,502	$	999		$	—	$	19,501

Short-term investments:
Government securities	$	5,441	$	—		$	—	$	5,441
Corporate debt securities	—		13,461		—	—		13,461
Commercial paper	—		8,757			—		8,757
Total short-term investments	$	5,441	$	22,218		$	—	$	27,659

Liabilities:
Current contingent liabilities	$	—	$	—		$	940	$	940
Long-term contingent liabilities	—		—			25		25
Total contingent liabilities	$	—	$	—		$	965	$	965


	Fair Value Measurements as of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	20,080	$	—	$	—	$	20,080
Total cash equivalents	$	20,080	$	—	$	—	$	20,080

Short-term investments:
Government securities	$	28,501	$	—	$	—	$	28,501
Total short-term investments	$	28,501	$	—	$	—	$	28,501

Liabilities:
Current contingent liabilities	$	—	$	—	$	1,044	$	1,044
Long-term contingent liabilities	—		—		315		315
Total contingent liabilities	$	—	$	—	$	1,359	$	1,359

Summary of Changes in the Fair Value of the Company's Level 3 Financial Instruments that are Measured at Fair Value

A reconciliation of the Level 3 financial instruments as of June 30, 2026 and December 31, 2025 is as follows:


(in thousands)	Icagen
Balance as of January 1, 2025	$	1,484
Payments of contingent liabilities	(450)
Fair value adjustments to contingent liabilities	325
Balance as of December 31, 2025	$	1,359
Payments of contingent liabilities	(113)
Fair value adjustments to contingent liabilities	(281)
Balance as of June 30, 2026	$	965